New York, NY, September 20, 2016 – Abacus Finance Group, LLC, a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced today that it served as Administrative Agent and Lead Arranger for a senior secured credit facility to support the recapitalization of PerTronix, LLC (PerTronix) by Lineage Capital, LLC (Lineage).
Headquartered in San Dimas, CA, PerTronix is a leading manufacturer and marketer of electronic ignition systems and exhaust products sold under a family of brand names. Boston-based Lineage is a private equity firm specializing in the recapitalization of family-controlled and owner-managed lower-middle market companies.
“This was our first transaction with Abacus, and we were more than pleased with the experience, something that came as no surprise because we have worked with the senior members of the Abacus team over many years,” said T. Brook Parker, a Partner with Lineage. “They provided us with the speed and flexibility needed to close the transaction, both of which were critical in this deal. We look forward to working with them on future transactions.”
“It was great to work again with the Lineage principals, some of whom we have known for 15 plus years,” said Tim Clifford, President and CEO of Abacus. “We were excited to be able to support a very highly attractive niche company with an impressive portfolio of brands in the auto enthusiast market. This transaction is a great example of how Lineage’s investment strategy matches up well with our flexibility and our focus on lower-middle market companies – key ingredients of what we call our Total Partnership Approach™.”
Abacus team members involved in the transaction included Aized Rabbani and Rafal Rydzewski, and legal counsel was provided to Abacus by Goulston & Storrs, PC.
About PerTronix, Inc.
Headquartered in San Dimas, CA and founded in 1969, PerTronix is a leading manufacturer and marketer of electronic ignition systems and exhaust products sold under a family of brand names. It also manufactures and sells a line of rotating electrical products including starter motors, alternators, charging systems and voltage regulators for the motorcycle and Volkswagen markets. PerTronix serves a passionate customer base of auto enthusiasts that includes those seeking to upgrade their ignition and exhaust systems. The automotive aftermarket accounts for approximately 90% of sales with the balance spread among motorcycle, marine, industrial and agricultural customers. Visit pertronix.com for more information.
About Lineage Capital, LLC
Founded in 2003, Boston-based Lineage is a private equity firm specializing in the recapitalization of family-controlled and owner-managed lower-middle market companies. It primarily invests in North American consumer, industrial, service, and distribution businesses. The firm typically invests in companies with revenues between $20 million and $250 million, enterprise values between $20 million and $150 million, and an EBITDA of at least $4 million. Visit lineagecap.com for more information.
About Abacus Finance Group, LLC
Abacus Finance is a direct lending company, focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies nationwide. Formed in June 2011, Abacus targets debt financing opportunities of up to $60 million with a typical hold size ranging from $10 million to $30 million, and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank, which was founded in 1850.
Abacus Finance is headquartered at 6 East 43rd Street, 20th Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or to firstname.lastname@example.org. Visit abacusfinance.com for more information.
The Spartan Group LLC provided financial advisory services to PerTronix, Inc. in this transaction.